300,000 are multimillionaires in China

March 31, 2009 at 12:51 PM

BEIJING, March 31 (UPI) -- The number of multimillionaires in China reached nearly 300,000 in 2008 and may grow by another 20,000 this year, a bank report said.

A report released by the China Merchants Bank and consultants at Bain & Co., said the private equity of the 320,000 wealthiest Chinese citizens could top $1.29 trillion by the end of the year, the China Daily reported Tuesday.

Fifteen percent of China's wealthiest citizens -- about 46,000 people -- live in the Guangdong province, the nation's economic center. Shanghai and Beijing have the second and third largest populations of wealthy Chinese.

The five richest municipalities and provinces are Guangdong, Shanghai, Beijing, Jiangsu and Zhejiang.

The number Chinese multimillionaires is expected to grow 6 percent this year, with their total assets gaining 7 percent from 2008, the newspaper said.

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